In its biannual Economic Outlook report, published on Wednesday, the Organization for Economic Cooperation and Development reduced the global growth outlook to 3.1% from the previous estimate of 3.4%. It expects the US and the Japanese economies to improve this year, suggesting at the same time that the Eurozone will continue to lag which might have “negative implications for the global economy."

The OECD cut the Eurozone growth forecast to -0.6% from -0.1% estimated in November 2012, warning that "activity is still falling, reflecting ongoing fiscal consolidation, weak confidence and tight credit conditions, especially in the periphery." The Eurozone economy should rebound to 1.1% in 2014. The OECD also urged the ECB to seriously consider implementing QE and introducing negative deposit rates in order to stimulate recovery in the area. China, which already saw its growth outlook reduced on Tuesday by the IMF, is expected to grow by 7.8% this year, down from a previous estimate of 8.5%. The organization was more upbeat about the US, which is projected to grow by 1.9% in 2013 and by 2.8% in 2014. Japan's growth forecast was hiked to 1.6% from 0.7%, with the prospect of a 1.4% gain next year, owing to the BoJ's implementation of fiscal and monetary stimulus programs.http://blog.fxcc.com/forex-technical-market-analysis-may-30-2013/

Upwards scenario: Recent upside penetration is limited now to the key resistive barrier at 1.2977 (R1). Appreciation above this mark might likely push the pair toward to next targets at 1.2991 (R2) and 1.3006 (R3) in potential. Downwards scenario: Possible bull back on the hourly chart might face next hurdle at 1.2933 (S1). Break here is required to open road towards to our next retracement target at 1.2919 (S2) en route to final aim at 1.2902 (S3).

Upwards scenario: A bullish oriented market participant might pressures to test our next resistance level at 1.5165 (R1). Loss here could open a route towards to our interim target at 1.5188 (R2) and the main aim for today locates at 1.5211 (R3). Downwards scenario: As long as price stays below the moving averages our medium-term outlook would be negative. Though, extension lower the 1.5099 (S1) is being able to drive market price towards to our next supports at 1.5076 (S2) and 1.5053 (S3).